How to stay relevant in a continuously changing landscape.
Marketing in the pharmaceutical industry has changed drastically over the past decade. The market is rife with competition and keeping research and development a secret is practically impossible. These realities have elevated the importance of marketing in the pharmaceutical industry. In order to stay competitive, pharmaceutical companies have to first recognize that the landscape has changed and then adapt accordingly. So, what does a successful drug launch look like in 2016? It relies on speed and positioning your launch from the most effective angle.
Speed Is Crucial
With so much competition in the market, it is essential that you get your brand in front of physicians first. If your drug is undifferentiated from a competitor and they are better prepared to quickly get their product in the hands of physicians, your window is closed, and you can bet that your competitor will try to paint your product in a less than flattering light. It’s of course up to doctors to decide which drugs are right to prescribe to their patients, so if you’ve got a great product, it’s important to get the word out quickly.
Having a unique product that breaks into an untapped disease area is undoubtedly fantastic, but that uniqueness no longer has the value it once did. Other brands will, of course, try to patent their own version of the drug, and that means your initial launch team should be able to quickly identify what doctors like about the drug and what they don’t. This will mean that you are better prepared to make any necessary changes during your launch, and give you access to better data in order to identify what patient profiles are best suited to your drug.
Market from the Best Position
Marketing from the best position relies on the analysis of key data. Identifying the most influential physicians that deal with the condition your drug treats is an important jumping off point. Get those physicians on board, and they will likely spread the word to their colleagues.
It’s important to describe in detail the patient profile that the drug is intended for. Analyze and highlight your differentiating product features to make your drug stand out from the crowd. During launch time, it’s essential to show that your product works the best, so ensuring a great first impression is critical. Make sure your launch team is well trained and educated on your new product. They should be masters of all the data you’ve collected during clinical trials, and be able to answer any questions a doctor may have.
Paragraphs has extensive experience in branding for the healthcare industry. We’ve successfully launched new products, updated the image of leaders in the field, and put our clients ahead of their competition. Contact us today to learn how we can successfully brand your products and help you overcome the specific hurdles of marketing in today’s healthcare field.
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